Total Mortgage Services LLC announced that it has received approval from the U.S Department of Housing & Urban Development (HUD) to convert to a Full-Eagle, or non-supervised lender. The company may now originate, fund, hold, purchase and sell Federal Housing Administration (FHA) backed mortgage loans.
“This Full-Eagle approval is another proof point of Total Mortgage Services’ operational integrity and financial strength,” said John Walsh, president of Total Mortgage Services. “Being a non-supervised lender will help further streamline our process for FHA loans, which will allow us to pass the cost and time savings on to high-quality borrowers in the form of lower FHA mortgage rates and better service.
“Our Full-Eagle designation will also help us significantly increase our FHA mortgage volume, which was only five percent of our total production in 2009, to 20-25 percent of production in 2010,” said Walsh. "In addition, when we combine this approval with the upcoming launch of our new wholesale division, TMS Funding, which will also provide very attractive mortgage rates to our broker base, we are even better positioned to continue to grow our origination volume in 2010 to over $1 billion, despite a U.S. mortgage market that is expected to decline year-over-year.”
For more information, visit www.totalmortgage.com.